HomeMy WebLinkAbout2025-11-13; Housing Commission; 01; Fiscal Year 2024-25 Housing Trust Fund Annual ReportMeeting Date: Nov. 13, 2025
To: Housing Commission
From: Mandy Mills, Housing & Homeless Services Director
Staff Contact: Mandy Mills, Housing & Homeless Services Director
mandy.mills@carlsbadca.gov, 442-339-2907
Subject: Fiscal Year 2024-25 Housing Trust Fund Annual Report
District: All
Recommended Action
Adopt a resolution recommending that the City Council accept and approve the Fiscal Year
2024-25 Housing Trust Fund Annual Report.
Executive Summary
City Council Policy No. 90 outlines the policies for Housing Trust Fund administration, requiring
an Annual Report that shall be reviewed by the Housing Commission. The Fiscal Year 2024-25
Housing Trust Fund Annual Report is attached for review.
Explanation & Analysis
The Housing Commission was established to advise and make recommendations to the
Community Development Commission (the governing body of the Carlsbad Housing Authority)
and/or the City Council on issues related to affordable housing.
Fiscal Year 2024-25 Housing Trust Fund Annual Report
Pursuant to Carlsbad Municipal Code (CMC) Sections 21.85.110(D) and 21.85.120, all fees
collected under the Inclusionary Housing Ordinance shall be deposited into a Housing Trust
Fund and expended for the affordable housing needs of lower-income households. On Dec. 12,
2020, the City Council adopted City Council Policy No. 90 which outlines the priorities,
expectations and policies for Housing Trust Fund administration. The Policy calls for an Annual
Report that shall be reviewed by the city’s Housing Policy Team and the Housing Commission.
A report summarizing activity of the Housing Trust Fund for FY 2024-25 is provided as Exhibit 1 -
Attachment A.
Fiscal Analysis
There is no direct fiscal impact associated with approving the annual report.
HOUSING COMMISSION
Nov. 13, 2025 Item #1 Page 1 of 15
Next Steps
After the Commission's review and acceptance, the Fiscal Year 2024-25 Housing Trust Fund
Annual Report will be forwarded to the City Council for their review and approval.
Environmental Evaluation
The proposed action is not a “project” as defined by CEQA Section 21065 and CEQA Guidelines
Section 15378(b)(5) and does not require environment review under CEQA Guidelines Section
15060(c)(3) and 15061(b)(3), because the proposed action to report on annual activity with the
city’s Housing Trust Fund is an organizational or administrative government activity that does
not involve any commitment to any specific project which may result in a potentially significant
physical impact on the environment. Any subsequent action or direction stemming from the
proposed action may require preparation of an environmental document in accordance with
CEQA or CEQA Guidelines.
Exhibit
1. Housing Commission Resolution
Nov. 13, 2025 Item #1 Page 2 of 15
Nov. 13, 2025 Item #1 Page 3 of 15
Housing Trust Fund
FY 2024-25 Annual Report
Background
The city’s Inclusionary Housing Ordinance was established in April 1993 and requires that all
residential developments greater than six units restrict 15 percent of the total number of
homes in a project as affordable to low-income households. Some developments have the
option to satisfy a portion of or all of their affordable housing obligation through payment of
inclusionary housing in-lieu fees or affordable housing credit purchases. For the city to receive
and use these fee payments, the Housing Trust Fund was established to confirm that fees
collected were applied only towards the affordable housing needs of lower-income households.
The Housing Trust Fund receives revenue from a variety of sources, including interest from
loans, housing credit purchases, housing impact fees, and interest earned on the fund balance.
The Fund is intended to aid in the production, acquisition, rehabilitation and preservation of
housing affordable to extremely low-, very low- and low-income households, and those
experiencing homelessness. Reasonable costs of administration of the fund, programs and
projects are allowed.
The Housing Trust Fund significantly contributes to the success of the city’s inclusionary housing
program. The Housing Trust Fund has been an indispensable tool to attract other funding
sources to affordable housing projects, leveraging the city’s investment up to five times with
outside funding sources. With its diversity of revenue sources, the Housing Trust Fund has
provided sustained support for the inclusionary housing program, resulting in approximately
2,300 affordable homes in Carlsbad.
On Dec. 12, 2020, the City Council adopted City Council Policy No. 90 which outlines the
priorities, expectations and policies for Housing Trust Fund administration. The Policy calls for
an Annual Report that shall be reviewed by the city’s Housing Policy Team, composed of
representatives from Finance, Community Development, Housing Services and the City
Attorney’s Office, and the Housing Commission. This report includes information regarding the
Housing Trust Fund for the 2024-2025 fiscal year.
Summary of loan terms
The Housing Trust Fund has been used over the years to assist an array of new housing
construction, land acquisition, first-time homebuyer loans, shelter and services serving low
income households and persons experiencing homeless.
Historically, the Housing Trust Fund is predominantly used to subsidize the construction of new
affordable housing in Carlsbad. Money from the Housing Trust Fund is often leveraged by other
local and non-local sources of subsidy: Community Development Block Grants, the HOME
federal funding program, the Redevelopment Agency’s Low and Moderate Income Housing
Fund, federal and state low income housing tax credits and others.
Nov. 13, 2025 Item #1 Page 4 of 15
Loan repayment requirements will vary by type of assistance. Financial assistance from the
Housing Trust Fund is typically made in the form of long-term loans of 55 years at an interest
rate of generally not more than three percent. Repayments on loans to multi-family rental
projects are amortized over the loan term, and are usually required as a share of surplus cash,
that is, annual gross revenue minus annual operating expenses, referred to as residual receipts.
A list of outstanding multi-family project loans is provided as Exhibit 1.
Financial assistance to specific homebuyer units from the Housing Trust Fund is typically made
in the form of a long-term loan recorded against the property to recapture principal and
interest upon sale or transfer of the property. For example, repayment of principal and interest
of first-time homebuyer loans are usually deferred for 15 or even 30 years, unless the home is
sold. At the end of the loan term or upon sale or transfer of the property, any remaining
principal and accrued interest becomes due and payable at that time. A list of outstanding
homebuyer loans is provided as Exhibit 2. The City of Carlsbad City Council often chooses to
repurchase affordable units being sold because the city can then maintain the unit in the
affordable housing inventory for new buyers. When the City of Carlsbad acquires existing units
for resale, the expenditure is identified and described in the “Affordable Housing Resale
Program” section below. When they are resold, there is corresponding revenue to offset the
expense. Therefore, the net proceeds impact fund balance.
Summary of use of funds
During FY 2024-25 there were the following expenditures and commitments:
Category Expenditures
Encumbrances
(Prior Year
Commitments
already removed
from Fund Balance)
New Loan
Commitments
Construction of new affordable housing 310,000 2,970,6211 0
Affordable Housing Resale Program 269,1762
Homeless Services 86,152
Administration 199,613
TOTAL $864,941 $2,970,621 $0
1) Includes commitments for projects not yet started as well as underway.
2) Expenditures only Affordable Housing Resale Program, offsetting revenue was also received which offsets some expenditures
Nov. 13, 2025 Item #1 Page 5 of 15
FY 2024-25 Housing Trust Fund uses by category
The FY 2024-25 expenditures are further described by category:
Construction of new affordable housing-$310,000
The new construction affordable housing projects underway in FY 2024-25 were:
Marja Acres Senior Apartments
The project is a 47-unit, 100% affordable senior housing project
located on the west side of El Camino Real, just south of Kelly
Drive being developed by USA Properties. As an approved
density bonus project, Marja Acres is required to provide 46
senior apartments affordable to lower-income seniors.
According to City Council Policy Statement No. 90, money from
Housing Trust Fund is not to be used to satisfy a development's
requirement to provide affordable housing in accordance with
the city’s Inclusionary Housing Ordinance, but may be used to assist in exceeding the
requirement. In 2021 and 2022 the City Council approved a total of $715,000 in financing from
the city’s Housing Trust Fund for the Marja Acres Apartments project to deepen the
affordability of five of the units to extremely low-income levels. The funds were expended in
earlier fiscal years with most of the loan expenses at the beginning of construction, but the
project was completed in FY 2024-25.
Aviara Apartments
Aviara East Apartments is a 70-unit affordable
housing project located on Aviara Parkway south
of Palomar Airport Road and north of Laurel Tree
Lane. The overall Aviara Apartment project is
required to provide 79 units affordable to lower-
income households. According to City Council
Policy Statement No. 90, money from the Housing
Trust Fund is not to be used to satisfy a
development's requirement to provide affordable housing in accordance with the city’s
Inclusionary Housing Ordinance, but may be used to assist in exceeding the requirement. The
City Council approved a $3,100,000 loan from the city’s Housing Trust Fund in 2021, to deepen
the affordability of 7 units to serve very low income households. Construction commenced
during fiscal year 2022-23, with most of the loan expenses at the beginning of construction.
Construction was completed and residents moved in during the 2023-24 fiscal year. The
$310,000 retention payment was expended in FY 2024-25 when the construction loan
converted to a permanent loan.
Nov. 13, 2025 Item #1 Page 6 of 15
Affordable Housing Resale Program-$269,176
As part of the city’s affordable housing efforts, the city has
purchased existing affordable housing units when the owner
wishes to move with the intent to resell them to eligible lower-
income buyers, thereby preserving, extending and enhancing
the existing affordable housing stock in Carlsbad. Some of the
units utilized Community Development Block Grant (CDBG)
funding, but several units have been purchased and
rehabilitated with the Housing Trust Fund. Costs of acquisition
and some related costs (improvements and homeowner
association fees) were incurred in FY 2024-25. When they are
resold, proceeds return to the Housing Trust Fund. During the fiscal year, 4 units were sold and
1 purchased.
Homeless Services-$86,152
The Housing Trust Fund has also been used to support a variety of services for low income and
homeless individuals and families. For example, the Housing Trust Fund has provided funding
each year for the Carlsbad Service Center, which provides temporary day labor employment
services, employment training and readiness, access to benefits, basic needs, rental assistance
and case management. The Housing Trust Fund also supports a Housing Navigation program
and the year-round Bridge-to-Housing network coordinated by the Alliance for Regional
Solutions.
Administration-$199,613
Housing Trust Fund dollars are used to cover administrative costs that are necessary to
administer the fund. These include personnel expenses and maintenance and operational (not
used for travel and training) expenses that are specifically related to the administration of the
Housing Trust Fund. Total administrative expenses may not exceed 5% of the available Housing
Trust Fund balance as of the end of the prior fiscal year.
Nov. 13, 2025 Item #1 Page 7 of 15
Summary of existing loan commitments
There are existing loan commitments from the Housing Trust Fund for projects not commenced
yet that are described below.
West Oaks Apartments
West Oaks Apartments is a 42-unit affordable housing project located south of Palomar Airport
Road and west of Palomar Oaks Way. The City Council approved a $1,500,000 loan from the
city’s Housing Trust Fund on Dec. 7, 2021, to deepen the affordability to serve extremely low
and very low income households.
This project has been on hold due to the inability to
secure sewer service. The project developer has been
working with the Carlsbad Utilities Department,
Vallecitos Water District, and the Buena Sanitation
District (Buena), a subsidiary district to the City of Vista,
on the ability of the site to connect to the Buena sewer
pipeline. A Carlsbad sewer stub-out, constructed to
serve the property in 1985, is connected to the Buena
sewer pipeline, which is covered by a joint use
agreement between Carlsbad and Buena. The Buena sewer pipeline is over capacity, so the
development project has not received authorization from Buena to discharge sewer flows to its
sewer pipeline. Because of increased costs since original loan application, the developer has
requested an increase in the loan by $500,000. This was processed in FY 2025-26 and will be
reported in next fiscal year’s report.
La Posada Shelter
La Posada is the city’s only homeless shelter and is operated
by Catholic Charities. It currently provides 100 beds, of which
50 are reserved for farmworkers. The City Council expressed
support for Catholic Charities to expand the capacity of the La
Posada shelter to serve more individuals experiencing
homelessness, including space for women and families.
The City Council approved documents at the Feb. 7, 2023, City Council meeting to accept $2
million in funds from the County of San Diego and, in turn, grant the funds to Catholic Charities
towards the expansion. On May 16, 2023, the City Council approved $729,379 in Permanent
Local Housing Allocation funds and $1,470,621 from the Housing Trust Fund towards the
project. However, the project stalled due to the State’s refusal to approve demolition of a
building tied to a 2011 loan requiring half the beds be reserved for farm workers. As a result,
the County has rescinded its grant, and City staff will recommend reallocating the City's funds,
as no agreements were executed or funds received. City staff will continue working with
Catholic Charities and the State to explore regulatory flexibility and identify shelter options for
underserved groups, especially women and families, per City Council direction.
Nov. 13, 2025 Item #1 Page 8 of 15
Financial Status of the Housing Trust Fund
Revenue sources
Fund receipts vary from year to year, but generally average between $1-2 million annually.
Revenues come primarily from residential development activity, loan repayments and interest
income. No General Fund money is deposited to the Housing Trust Fund. During FY 2024-25,
the Housing Trust Fund received over $2.2 million in revenue, but when considering almost
$863,000 in expenditures, the change to the fund balance is approximately $1.4 million in net
revenue.
Beginning Available Fund Balance $10,179,791
Loan commitment previously reduced 310,000
Reimbursed Expenses & Fee Revenue 287,805
Interest Revenue 403,797
(int + prin) Loan Payments 429,131
Affordable Resale Program Revenue 841,508
Total Increase in Fund Balance $2,272,241
Affordable Housing Loans Issued (310,000)
Homeless Services (86,152)
Affordable Resale Program Expenses (269,176)
Administrative Expenses (199,613)
Total Decrease in Fund Balance ($864,941)
New Loan Commitments ($0)
Ending Available Fund Balance1 $11,587,091
1) Total fund balance is presented net of previously committed but not yet funded
developer loans of $2,970,621.
As outlined in the background, the Housing Trust Fund was established to confirm that fees
collected pursuant to the city’s Inclusionary Housing Ordinance were applied only towards the
affordable housing needs of lower-income households. The city’s Housing & Homeless Services
Department does earn a small amount of administrative fee revenue from certain projects.
During FY 2024-25 that revenue amounted to $23,537.
The bulk of fee revenue comes from alternative means of satisfying the city’s Inclusionary
Housing Ordinance. The ordinance allows some projects the option to satisfy a portion of or all
of their affordable housing obligation through payment of inclusionary housing in-lieu fees or
affordable housing credit purchases. These alternative means of inclusionary housing
compliance are identified in City Council Policy No. 57. During FY 2024-25, the Housing Trust
Fund received $264,268 in fee revenue from these two sources.
In-lieu fee
While the construction of affordable units is preferred, the city ordinance allows a developer of
projects with six or fewer dwelling units to satisfy the projects’ inclusionary requirements by
paying a fee in-lieu of building the unit.
Nov. 13, 2025 Item #1 Page 9 of 15
In 2022, the City Council revised the in-lieu fee structure to: offer a flat fee for property owners
building a single-family residence on a single lot, adjusted annually by the Consumer Price Index
rate, and apply a rate based on net building area for all other qualifying projects with two to six
units. Projects approved prior to this action pay the rate applicable at the time of approval.
During FY 2024-25, the Housing Trust Fund received $ 32,182 in in-lieu fee revenue. The fee
revenue received throughout the fiscal year was based on the fee price applicable at that time,
not the fee prices listed below for the 2025-26 fiscal year.
Type Current Rate Units Received in
FY 2024-25
Affordable Housing In-Lieu Fee
(per single-family market rate unit
on single-family lot)
$ 10,231 per unit
4 32,1821
Affordable Housing In-Lieu Fee
(residential development projects
proposing two to six units)
$ 18 per sq. ft. of
net building area
per unit per sq. ft.
0 0
Total received $ 32,182
1 Based on the fee price applicable at that time
Inclusionary Housing Credit Purchase
The inclusionary housing ordinance (Carlsbad Municipal Code Chapter 21.85) provides that
inclusionary units created which exceed the final requirement for a project may, subject to City
Council approval, be utilized by a developer to satisfy inclusionary requirements of other
projects. This is referred to as a combined inclusionary housing project, and in instances where
the city is financially participating in the combined inclusionary housing project, the City Council
can approve and designate a combined inclusionary housing project as an Affordable Housing
Credit Bank project, in which the city may sell affordable housing credits to other developers
who make a request to purchase affordable housing credits as an alternative way of satisfying
the inclusionary housing requirement for their project.
In this manner, the city is able to recoup its financial investment in the project and then use
these funds to assist additional affordable housing projects. It is important to also note that
when the city financially participates in a combined inclusionary housing project the financial
assistance comes in the form of a low-interest loan to the project, with the developer paying off
the loan amount to the city over the life of the project. Between the sale of the credits and the
repayment of the loan, the city ultimately receives funds that are twice the amount of the initial
financial assistance with all of these received funds deposited into the Housing Trust Fund and
then used to assist additional affordable housing projects.
The fee is established by dividing the city subsidy amount by the excess affordable housing
units created in the project. The credit prices are included in the City Council Adopted Master
Fee Schedule and increase each year by the Consumer Price Index (CPI) rate.
Nov. 13, 2025 Item #1 Page 10 of 15
The City Council has approved affordable housing credit bank projects for four city-assisted
affordable housing projects: Villa Loma Apartments, Cassia Heights Apartments, Roosevelt
Gardens and Tavarua Senior Apartments. All projects were 100% affordable housing projects in
which the city financially participated.
The credits for Villa Loma Apartments and Roosevelt Gardens have been fully utilized, but
credits remain available for purchase in the credit banks for Cassia Heights Apartments and
Tavarua Senior Apartments. Data for the current credit pricing, available credits and existing
reservations for the remaining credit banks is shown below.
Project Quadrant
Location
Current Credit
Pricing per unit
Credits
Purchased
Credits
Reserved
Credits
Available
Cassia Heights
Southeast /
Southwest
$ 80,291 24 3 29
Tavarua Senior
Affordable Apartments
Northwest $ 118,828
26 5 19
Projects proposing more than seven, but no more than 50 residential units are eligible to
purchase affordable housing credits to satisfy their inclusionary housing requirements subject
to City Council Policy No. 57. During FY 2024-25, the Housing Trust Fund received $232,086 in
credit purchase revenue. The credit purchases occurred throughout the fiscal year based on the
credit price applicable at that time, not the credit prices listed above for the 2025-26 fiscal year.
One new credit purchase reservation was approved in FY 2024-25 for 2 credits.
Project Quadrant
Location
Project Size Credit Fee
Received
Credits
Purchased
Credits
Reserved
Tyler Street Homes Northwest 12 232,086 2 -
Juniper Coast Homes Northwest 21 - - 2
Total 33 $232,086 2 2
Nov. 13, 2025 Item #1 Page 11 of 15
Summary of administrative and non-project expenses
The funding activities of the Housing Trust Fund require administrative support. The table
below shows actual administrative support expenditures for the last two fiscal years and the
budget for the current fiscal year administrative support paid by the Housing Trust Fund. The FY
2024-25 administrative costs of $199,613 are 1.94% of the approximate $10.18 million FYE 24
Fund Balance. Total administrative expenses may not exceed 5% of the available Housing Trust
Fund balance as of the end of the prior fiscal year. The maximum administrative cap for FY
2024-25 was $508,990.
Housing Trust Fund
Administration
FY 2023-24
(Actual)
FY 2024-25
(Actual)
FY 2025-26
(Budget)
Personnel1 95,669 103,180 131,496
Maintenance & Operations 71,598 96,433 172,600
Transfer to Section 8 Admin 200,000 200,000
Total administration $367,267 $199,613 $504,096
1] Excludes personnel expense for the Housing Navigation program in Homeless Services as this is a direct service program, not an administrative expense.
Review of prior year funding priorities
The City Council approved the Housing Trust Fund priorities via City Council Policy No. 90 in
December 2020. Priorities are in the following order:
1. Construction of new affordable housing
2. Preservation of housing at-risk of conversion to market rate
3. Acquisition/rehabilitation of distressed/at-risk affordable housing
4. Rental assistance and homelessness programs
5. Land acquisition for future affordable units
6. Conversion of market rate units to affordable housing
Upcoming funding priorities
There has been no change to the funding priorities.
Summary of pending assistance requests
The developer of the West Oaks Affordable Housing Apartments has requested an increase in
the HTF loan by $500,000 because of increased costs since original loan application. This
request was processed in FY 2025-26 and will be reported in next fiscal year’s report.
Summary of denied assistance requests
There were no requests denied in FY 24-25.
Year End Summary
As of the beginning of FY 2024-25, the Housing Trust Fund had an available cash balance of
$10.18 million and ended the year with an available fund balance of approximately $11.58
million. The Housing Trust Fund received almost $2.2 million in revenue and spent
approximately $863,000 towards affordable housing and homeless services. The Housing Trust
Fund did not have any new loan commitments during the fiscal year, but expended $310,000
toward prior loan commitments. There are modest administrative expenditures charged to the
Nov. 13, 2025 Item #1 Page 12 of 15
Housing Trust Fund, under the maximum cap allowable. In summary, the Housing Trust Fund
continues to be a stable source of funding to help create a diverse affordable housing stock in
Carlsbad.
Nov. 13, 2025 Item #1 Page 13 of 15
Exhibit 1
Affordable Housing Loan Summary-Development
HTF Affordable Housing Loan Summary
6/30/2025 First Date
Borrower Development Purpose Forgivable Issued Issued1 Outstanding Issued Repaid Balance
Not-for-Profits
Catholic Charities Homeless Shelter Shelter Y 9/19/1997 1 1 200,000 - 200,000
Catholic Charities allowance (200,000) - (200,000)
1 1 - - -
Developers - Rentals
Pacific Vista Las Flores Vista Las Flores Apts Rentals N 2/27/2001 1 1 363,948 - 363,948
CIC Calavera LP Mariposa Apts Rentals N 9/15/2001 1 1 1,060,000 - 1,060,000
CIC La Costa LP Hunter's Pointe Rentals N 8/19/2008 1 1 1,932,000 - 1,932,000
Solutions for Change-Vista Terrace Property acquisition Rentals N 6/28/2012 1 1 780,000 - 780,000
Harding Street Neighbors LLP Property acquisition Rentals N 3/14/2013 1 1 7,408,000 - 7,408,000
Solutions for Change-Chestnut Property acquisition Rentals N 12/19/2014 1 1 2,646,000 - 2,646,000
Chelsea Investment Corp. / Quarry Creek CIC LLP Quarry Creek Rentals N 8/31/2016 1 1 1,280,000 1,030,362 249,638
Carlsbad Veteran Housing LP Windsor Pointe Rentals N 12/3/2020 1 1 3,793,392 - 3,793,392
Bridge Housing Corporation Aviara East Rentals N 3/1/2023 1 1 3,100,000 - 3,100,000
USA Properties Fund / Carlsbad 685, L.P.Marja Acres Rentals N 10/26/2023 1 1 715,000 - 715,000
11 11 23,078,340 1,030,362 22,047,978
Number of Loans Principal Amounts
Nov. 13, 2025 Item #1 Page 14 of 15
Exhibit 2
Affordable Housing Loan Summary-Homebuyers
HTF Affordable Housing Loan Summary
6/30/2025 First Date
Borrower Development Purpose Forgivable Issued Issued1 Outstanding Issued Repaid Balance
Individual homebuyers Calavera Hills Sale N 10/15/1999 5 1 75,000 60,000 15,000
Individual homebuyers Cherry Tree Walk Sale N 6/28/1999 42 11 453,600 334,800 118,800
Individual homebuyers Serrano at Rancho Carrillo Sale N 5/25/2001 90 19 1,350,000 1,065,000 285,000
Individual homebuyers Rancho Carlsbad Sale N 5/20/1999 22 4 752,533 691,076 61,457
Individual homebuyers Mulberry at Bressi Ranch Sale N 4/29/2005 100 99 1,780,000 20,000 1,760,000
Individual homebuyers Village by the Sea Sale N 10/28/2005 11 11 180,000 - 180,000
Individual homebuyers The Bluffs Sale N 6/14/2007 10 10 200,000 - 200,000
Individual homebuyers Rose Bay Sale N 8/23/2013 1 1 229,775 - 229,775
Individual homebuyers Various Sale N Various 2,465,751 - 2,465,751
Individual homebuyers - allowance Various Sale N Various (2,465,751) - (2,465,751)
Other Affordable Housing assistance
DPCCA Various Purch assistance N 6/25/2009 22 15 255,518 82,750 172,768
Individual home buyers Various Minor home repair Y 5/20/2010 13 1 809 - 809
Minor Home Repair allowance (809) - (809)
35 16 255,518 82,750 172,768
316 172 5,276,426 2,253,626 3,022,800
1 Forgiven loans reduce issued amount, the number of loans is the originally issued count.
Number of Loans Principal Amounts
Nov. 13, 2025 Item #1 Page 15 of 15
FY 2024-25 Housing Trust Fund Annual Report
Mandy Mills, Director
Housing & Homeless Services
November 13, 2025
1
•Carlsbad Municipal Code establishes the Housing
Trust Fund
•City Council Policy requires an Annual Report
•Reviewed by internal Housing Policy Team
and Housing Commission
Housing Trust Fund Report
2
FY 2025 Housing Trust Fund Annual Report
Housing Trust Fund Report
3
Fund Balance
Beginning Available Fund Balance $10,179,791
Loan commitment previously reduced 310,000
Reimbursed Expenses & Fee Revenue 287,805
Interest Revenue 403,797
(int + prin) Loan Payments 429,131
Affordable Resale Program Revenue 841,508
Total Increase in Fund Balance $2,272,241
Affordable Housing Loans Issued (310,000)
Homeless Services (86,152)
Affordable Resale Program Expenses (269,176)
Administrative Expenses (199,613)
Total Decrease in Fund Balance ($864,941)
New Loan Commitments ($0)
Ending Available Fund Balance1 $11,587,091
1) Total fund balance is presented net of previously committed but not yet funded
developer loans of $2,970,621.
Total fund balance is presented net of
previously committed but not yet funded
developer loans of $2,970,621
•West Oaks $1,500,000
•La Posada $1,470,621
Housing Trust Fund Report
4
Fund Balance Commitments
Fund Priorities
Housing Trust Fund Report
The City Council approved the HTF priorities via City Council Policy No. 90 in
Dec. 2020. Priorities are in the following order:
1. Construction of new affordable housing
2. Preservation of housing at-risk of conversion to market rate
3. Acquisition/rehabilitation of distressed/at-risk affordable housing
4. Rental assistance and homelessness programs
5. Land acquisition for future affordable units
6. Conversion of market rate units to affordable housing
5
Next Steps
Housing Trust Fund Report
•Present Housing Trust Fund Annual
Report to City Council for approval
6
Staff recommendation
•A resolution recommending the City Council
accept and approve the FY 2025 Housing
Trust Fund Annual Report
Housing Trust Fund Report
7